Our team has summarised the key developments for NI businesses in the news this week.
LIDL’S relationship with the local agri-food chain was worth £347 million last year, according to a new report. The German retailer said it supported 60 Northern Ireland producers in the 12 months to February 2022. It came during a period where Lidl Northern Ireland recorded a 7 per cent rise in its turnover to £369m. (Source - The Irish News)
NEWRY'S Buttercrane Centre has been boosted with the opening of five stores trading across 15,000 sq ft of additional retail space in what represents a £1.1 million investment, creating more 45 jobs. (Source - The Irish News)
NEWRY Private Clinic has reopened following a £3 million investment by its owners David and Laura McCaul. (Source - The Irish News)
A FERMANAGH-based creative studio has invested in the purchase and fitout of new office space in Enniskillen town centre and opened a new street-level coffee dock White Rabbit, creating four jobs. SugarProjects, which has been supported in its move by Ulster Bank, has taken up residence in the former Fermanagh Herald premises, a two-storey property on Belmore Street in the town which has been vacant for the past seven years. (Source - Newsletter)
TYRONE-based airport ground support equipment (GSE) manufacturer Mallaghan returned to profit in 2021 as the aviation industry began to recover from the Covid-19 pandemic. (Source - Irish News)
Rockpool Acquisitions is proposing the acquisition of the London-based Amcomri Group. Based on Belfast’s Arthur StreeA BELFAST-based investment vehicle has agreed heads of terms to buy a group of engineering and manufacturing businesses in England for £22.3 million. t, Rockpool Acquisitions was co-founded by Mike Irvine as a special purpose acquisition company (SPAC). It was admitted to the London Stock Exchange in 2017. Mr Irvine was involved in establishing the Davy Stockbrokers brand in Northern Ireland before going on to establish private equity investment firm Cordovan Capital Management. (Source - Irish News)
The Office for National Statistics (ONS) revealed that inflation jumped to a higher-than-expected 11.1 per cent in October - the highest rate since October 1981 and up from 10.1 per cent in September - as gas and electricity costs rocketed, despite Government support limiting the rise in bills.(Source - The Guardian)
IntertradeIreland’s latest quarterly business monitor showed just 36 per cent of Northern Ireland firms reported growth in the third quarter of 2022, compared to 50 per cent in the same period last year. The survey was conducted among 773 SMEs on both sides of the border between September 14 and October 14. (Source - The Irish News)
THE number of companies in Northern Ireland which are regularly exporting dropped by 3.6 per cent between quarters two and three of this year, according to data from the Institute of Export & International Trade (IOE&IT). (Source - Irish News)
THE north's grocery market saw sales drop by 1.8 per cent in the year to October 30, according to latest monthly figures from retail analysts Kantar. (Source - Irish News)
Summer spike in NI house prices was sharpest rise since 2007 property boom - The official Northern Ireland house price index showed the cost of an average home rose 4.1 per cent to £176,131 between the second and third quarters of this year – the sharpest quarterly increase since the height of the 2006/07 property boom. It marked a 10.7 per cent rise on last year, meaning the average residential property costs £17,000 more than it did 12 months ago. (Source - Irish News)
Workplace & Employment
THE average monthly wage in Northern Ireland has increased by 6.3 per cent in the past year, official data shows, but real incomes are still falling due to soaring inflation - The median wage increased to £1,967 per month in October according to HMRC, £117 more than October 2021 and £278 (16.5 per cent) higher than October 2019. (Source - Irish News)
BELFAST-based talent-spotter HireIQ has signed a partnership with Accounting Technicians Ireland (ATI) to support it in ensuring its qualifications prepare graduates to succeed in the workplace and meet the future requirements of the profession. (Source - Irish News)
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